How to Right-Size Your Condominium Fee - A New Era of Fiduciary Accountability

For decades, many condominium boards have relied on the same approach: keep fees low, defer difficult projects, and hope future boards deal with the consequences.

Whether it's cutting necessary repairs to avoid higher fees, ignoring known deterioration because you'll move before the project is needed, or withholding information because it may be unpopular, these decisions may benefit individual board members in the short-term, but they can also create substantial legal exposure and financial consequences for both the community and the individuals responsible for making them.

These actions are becoming especially difficult to defend as communities face aging buildings, growing reserve shortfalls, and increased financial scrutiny with Fannie Mae and Freddie Mac's updated financial requirements taking effect.

We Covered:

• Real-world examples of delayed repairs that ultimately cost millions more than the original solution

• Situations where boards knowingly failed to address growing financial obligations, and the consequences that followed

• Where fiduciary duty ends, personal liability begins, and what boards can do to protect both their communities and themselves 

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